Bracing for the introduction of Internet-only banks, financial firms and information and communications technology companies are making last-minute pitches to pair up with the best available partners and enter the business.

So far, the move is more conspicuous in banks than securities companies, contrary to earlier predictions that the greatest synergy would be created in ICT-securities partnerships.

KB Kookmin Bank, the nation’s largest bank in assets and mobile banking customers, is taking the lead having recently announced that it will join the consortium by Daum Kakao and Korea Investment Holdings to create an Internet-only bank ― with a 10 percent stake.

Industry champion Shinhan Bank had also considered a candidate, but was excluded as its brokerage operations partly overlapped with those of KIH, industry observers noted.

“But it is doubtful whether KB will benefit, as the bank already has a wide Internet banking network,” said an official of a rival bank, who wished not to be named.

On the other hand, Mirae Asset Securities, after two months of in-depth study by its special task force, decided to quit its pursuit and pledged to better focus on its core areas. As the brokerage company had been actively devoted to the new business, its latest move triggered skepticism about the profitability of an Internet-only bank.

Another possible consortium is that of Woori Bank and KT, with either Kyobo Life Insurance or Hyundai Securities as partner, though a decision is yet to be taken due to different interests.

Online retail company Interpark is also said to have been contacting savings banks and securities companies in search of a consortium partner.

Internet-only bank operations are more or less the same as conventional banks ― ranging from deposits, lending and credit cards ― just without a brick-and-mortar location.

The Financial Services Commission said back in June that it would alleviate the banking-commerce separation rule and the minimum equity capital standard, hoping to encourage innovative companies to step into the financial industry.

Once the revision takes effect, nonfinancial companies will be allowed to hold up to a 50 percent stake in an Internet-only bank, up from the current 4 percent. The minimum equity capital level, too, will be lowered to 50 billion won ($42 million), half the current requirement.

The FSC is accepting applications for preliminary approval until late September and will select one or two as pilot cases within the year, according to officials.

By Bae Hyun-jung (tellme@heraldcorp.com)